Microsoft just Demonstrated Why the Hard Sell doesn’t Work — Again

How do businesses actually collect their accounts receivables? It’s a tricky and often unpleasant process. But, one that’s absolutely necessary because it’s not only money owed, it’s time and effort already spent. More particularly, you can’t just avoid or ignore unpaid invoices. After all, your company depends on the money, regardless if you take up the task yourself or hire someone. Unfortunately, it’s a bigger challenge during such uncertain economic times. Biggest Obstacles in Getting People to Pay Up The most common difficulties in collecting accounts receivables can be enough to convince you to give up. People stonewall. They sometimes partially pay. Other outright elude. There are even individuals who’ll send in checks they know won’t clear the bank. All of these behaviors are sadly normal. But, making it all the more difficult is the current economic uncertainty. Your business’s accounts receivable are an important part of calculating your profitability, and provide the clearest indicator of the business’s income. They are considered an asset, as they represent money coming into the company. —Business News Daily The pandemic response resulted in both short- and long-term shutdowns. That put undue strain on many businesses. So, it’s understandable some would fall behind financially. Although, after a little while, you expect something out of them, even if it’s only an explanation as to why they can’t pay and a sincere apology. (Regrettably, the latter might just well be all that you’ll get.) Ways to Collect Business Account Receivables First of all, it’s critical that you have good accounts receivable practices. Being proactive definitely benefits your business. But, when invoices continually go unpaid, there are actions you can take. Here are three effective strategies to collect your business’ accounts receivables: Act quickly when a payment is late. Do not make the mistake of letting receivables age. The longer an invoice goes unpaid, the less likely it is to ever be paid. Sure, it’s uncomfortable to pursue payment, but it’s necessary. Be kind but persistent and also be consistent as to your collection demeanor and actions. Reach out with friendly but stern reminders and follow-up regularly. Offer recipients a decent discount. Of course, you naturally want every penny that’s owed to your business. But, if offering a discount means collecting the majority of what’s due, then it’s more than worthwhile. But, do not make the mistake of discounting further because it will only weaken your position. (Plus, there’s a cut-off point where it’s financially unfeasible.) Provide an easy repayment plan. You can also provide recipients with a repayment schedule. Breaking up the total amount into a few or several installments might just do the trick. You can even charge a fee for late or missed payments. You can also suspend any new business during the repayment timeline. Consistent communication. Most important, communicate to your customer, that they must communicate promptly and consistently and follow through with their commitments. What other methods would you suggest to collect account receivables? Please take a moment to share your thoughts and experiences. Your unique perspective could very well help a fellow entrepreneur out! Interested in learning more about business? Then just visit Waters Business Consulting Group.

As a business owner, you are responsible for everything that goes on in your company – from the big decisions to the small tasks. This can be a daunting task, especially when you have to deal with irresponsible employees. These team members can cause serious harm to your small business, so it is important to know how to deal with them. In this article, we will discuss why irresponsible employees are harmful to small businesses and ways entrepreneurs can handle them effectively. Irresponsible Employees Pose Risks and Do Real Harm The first thing you need to understand is why irresponsible employees are harmful to your business. These team members often make poor decisions that can cost the company time and money. They may also put other employees at risk by not following safety procedures or by not completing their work properly. Irresponsible employees have a direct impact on productivity and the bottom line. Workers who shirk their responsibilities and rely on other staff to pick up the slack can also damage workforce morale. In a small business, just one irresponsible employee can create a culture of irresponsibility throughout the company, particularly if other workers see that the behavior is condoned or, worse, rewarded with promotions or plum assignments. Managers must act immediately to correct irresponsible behavior and promote responsible actions. —Houston Chronicle Small Business In some cases, irresponsible employees can even cause physical damage to company property. All of these factors can have a negative impact on your business, so it is important to deal with them quickly and efficiently. How Business Owners should Deal with Irresponsible Employees There are a few different ways you can deal with irresponsible employees. Obviously, there are some methods that are easier and more comfortable than others. Regardless, it’s necessary to course-correct bad behavior or it will only worsen and cause bigger problems. If you don’t deal with this particular situation, you’ll most definitely regret it later on at some point. The first step is to identify the problem and talk to the employee about it. It is important to be clear about what you expect from them and what the consequences will be if they do not meet your expectations. In some cases, you may need to give the employee a written warning or place them on probation. If the problem persists, you may need to consider firing the employee. But, before you dismiss an employee for good, it’s best to give him or her a real chance to make the necessary changes. Clearly set out your expectations and then let him or her come up with a game plan that will allow him or her to reach those goals. This way, it gives the individual the power to take responsibility and to control their own future. If he or she shouldn’t make real strides, it’s not your fault. Of course, it’s also advisable to help him or her along the way. If you provide the right incentives but do not accept unacceptable behavior, it’s far more likely that you’ll see substantial progress. Overall, you ought to notice a significant improvement through the evolution of your employee. Although, even such a well-planned, pragmatic strategy won’t guarantee success. Some individuals just don’t have the temperament or disposition to be a good fit for your organization. If that’s inevitably the case, it’s best for your business to let him or her go and move on. Dealing with irresponsible employees can be difficult, but it is important to do what is best for your business. These team members can cause serious harm to your company if they are not dealt with properly. By taking the time to understand the problem and by using the appropriate disciplinary measures, you can effectively handle these team members and protect your business from harm. What other suggestions do you have for dealing with an irresponsible employee? Please take a moment to share your thoughts and experiences so others can learn from your perspective. Interested in learning more about business? Then just visit Waters Business Consulting Group.

Help! My Sibling is Sabotaging Our Small Business – What Should I Do? We all know that running a small business can be challenging. It requires a lot of hard work, dedication, and the right team to make it successful. But what happens when the person who is supposed to be your right-hand man or woman turns out to be the one sabotaging your business? Below, we’ll discuss some practical steps you can take if you find yourself in this unfortunate situation. Recognizing the Signs of Sabotage Before we dive into the solutions, let’s first discuss the signs that your sibling might be sabotaging your business. Here are some common indicators that something is seriously awry and that you’re suspicions are probably valid: Your sibling consistently misses deadlines or fails to complete tasks. He or she spreads negative gossip or talks poorly about the business to others. They withhold important information or resources from you. Your sister or brother makes decisions that negatively impact the business without consulting you. They take credit for your ideas or successes and do so without including you or specifically attempt to exclude your time and effort. If you notice any of these behaviors in your sibling, it might be time to take action. But, don’t just leap without thinking things through. You need to take a step back and look at the entire situation with a realistic perspective. Addressing the Issue with Your Sibling The first step in dealing with a sabotaging sibling is to have an open and honest conversation with them. Make sure to approach the conversation calmly and objectively, and avoid making accusations or placing blame. Instead, focus on how their behavior is affecting the business and your relationship. During the conversation, try to understand the reasons behind their actions. Perhaps they are feeling overwhelmed or frustrated with their role in the business. Or maybe they are dealing with personal issues that are affecting their work. Whatever the reason, try to work together to find a solution that benefits both the business and your relationship. Creating a Plan of Action Once you’ve had a conversation with your brother or sister, it’s time to create a plan of action. This plan should address any issues that were brought up during the conversation and outline clear expectations for both of you moving forward. Some things to consider when creating your plan of action include: Clearly defining each person’s role and responsibilities within the business. Establishing regular check-ins to discuss progress and address any concerns. Setting up a system for open communication and feedback. Identifying any areas where additional support or resources may be needed. Remember, the goal of this plan is to create a healthy and productive working environment for both you and your sibling. It’s not – by any means – to establish a rivalry or force a hierarchy. Seeking Outside Help If you’ve tried addressing the issue with your sibling and creating a plan of action, but things are still not improving, it may be time to seek outside help. This could mean hiring a business coach or consultant to help you navigate the situation, or even seeking the advice of a professional mediator if the situation is particularly difficult. Remember, there is no shame in asking for help. Running a small business is hard enough without the added stress of dealing with a sabotaging sibling. Seeking outside help can provide you with the guidance and support you need to overcome this challenge. What We’ve Learned Dealing with a sabotaging sibling in your small business can be a difficult and emotional experience. However, by recognizing the signs, addressing the issue, creating a plan of action, and seeking outside help if needed, you can overcome this challenge and continue to build a successful business. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at 602-435-5474, or, if you prefer, send us an email. You can also visit us at Waters Business Consulting Group to learn more about us and the services we offer.